Wyoming’s Mark Gordon says state should issue stablecoin by July
Wyoming Governor Mark Gordon said the state’s proposed stablecoin might be ready to launch by July, with the Wyoming Stable Token Commission announcing interoperability protocol LayerZero as a partner for the token launch.
Speaking at the DC Blockchain Summit on March 26, Gordon praised the speed and efficiency of the Wyoming state government in embracing blockchain technology. Anthony Apollo, the executive director of the Wyoming Stable Token Commission, also confirmed:
“The Stable Token Commission has formally engaged LayerZero as our token development and distribution partner, and we have stable tokens — Wyoming stable tokens — on several test networks.”
Wyoming, which is represented by pro-crypto Senator Cynthia Lummis, has been planning a state-issued stablecoin for years and has a history of embracing innovation in digital assets.
Governor Mark Gordon of Wyoming speaking at the 2025 DC Blockchain Summit. Source: Sei
Related: Yield-bearing stablecoins could kill banking — US Senator Gillibrand
Wyoming Stable Token Commission
Wyoming lawmakers introduced the “Wyoming Stable Token Act” in February 2022 to establish a state-issued stablecoin pegged to the value of the US dollar and redeemable for fiat.
The bill was signed into law in March 2023, enabling the state treasury to develop a team of professional accountants, auditors, and technical experts to issue and manage the state’s stablecoin supply.
Following the passage of the Stable Token Act, the state began staffing its Stable Token Commission with officers and executives to research and develop the state’s stablecoin.
The Wyoming Stable Token Act. Source: Wyoming Legislature
In August 2024, Governor Mark Gordon told an audience at the Wyoming Blockchain Symposium that the state was eyeing a Q1 2025 launch window for the stablecoin, which would be backed by short-term US Treasury Bills and repurchase agreements.
At the time, Gordon slammed the “too big to fail” ethos of US economics post-2008 financial crisis and called the Federal Reserve Bank a “drag on innovation.”
More recently, Anthony Apollo, the executive director of the Wyoming Stable Token Commission, told Cointelegraph that the state’s public budget should be onchain to ensure transparency, accountability, and efficiency in government spending.
Magazine: Bitcoin payments are being undermined by centralized stablecoins
Senate Banking Committee Chair Tim Scott says he’s looking to mark up a crypto market structure bill next month to have it on President Donald Trump’s desk by early next year.
Scott told Fox Business on Tuesday that the committee has been negotiating with Democrats to reach a deal, but accused the party’s senators of stalling.
“Next month, we believe we can mark up in both committees and get this to the floor of the Senate early next year so that President Trump will sign the legislation making America the crypto capital of the world,” Scott said.
The House passed the CLARITY Act in July, which outlines the Commodity Futures Trading Commission and the Securities and Exchange Commission’s power to regulate crypto, and the Senate has been working on its own version of the bill.
Republicans on the Senate Banking Committee released a discussion draft on their section of the bill in July and suggested it would marry up with the CLARITY Act, and the Senate Agriculture Committee released its discussion draft on Nov. 10, which left much of the bill up for change.
The Agriculture Committee has jurisdiction over the CFTC, while the Banking Committee oversees the SEC and is leading parts of the bill relating to securities laws.
Bill will create clear rules and unlock crypto: Armstrong
Coinbase CEO Brian Armstrong said in a video posted to X on Tuesday that he was in Washington, DC, “pushing for market structure legislation,” and noted there had been “a lot of progress.”
“Senate banking is also working nights and weekends to get the next iteration of their text out, so we’ve got a good chance, I think, of a markup for this bill in December, hopefully get it to the president’s desk shortly thereafter,” Armstrong said.
“This would be a big milestone to get crypto unlocked with clear rules in the US, which would benefit all companies,” he added.
Where the bill will go from here
The CLARITY Act was one of three major crypto bills the House passed in July after a 10-hour voting session alongside the GENIUS Act, which aims to regulate stablecoins and the Anti-CBDC Surveillance Act, which outlaws central bank digital currencies.
Related: Regulator clarifies US banks can handle gas fees using crypto holdings
As the Senate is working on its own version, the CLARITY Act will return to the House for final approval if it’s passed by the Senate. It would then be sent to Trump to be signed into law.
Republicans hold the majority in the Senate with 53 seats, compared to the Democrats’ 47 seats, with legislation effectively requiring 60 votes to pass.
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